Also, is it common for seller's to cover closing costs?

Once there is a common understanding of what it is and what it cannot be, we will share our concerns and make recommendations for solving the problem. 

Immediately upgraded the common areas (land scapaing, new hand rails, fresh new paint colors, refaced the storage units with wainscoting, cleaned the garage so people could park easier, etc.)3.

I don't see this any where in the HOA doc, and am wondering if its common practice to get an Estoppel PRIOR to getting into contract.  

I wish you would just trust me on this, but I'll share a couple of errors I made.1) Operation shut down.  

When you use hard money, there is no room for error, mistakes, delays, market hickups, etc.  

I think you need to determine if that is being caused by a leak of some kind or whether it is just mildew that showers and tubs commonly get.

If you cannot fix the water issue in the basement perhaps the easiest fix is to not offer the basement use as common area for the building. 

Steve, It is most common that the equity build out does not fund the acquisition.  

@Anthony Atyeo Although I don't know your market, your problem seems to be a common one.